Sovereign Trust Insurance settles N1.7bn claims

Sovereign Trust Insurance Plc said it paid N1.7bn claims to its policyholders in the 2013 financial period.

A statement from the firm, which was obtained on Sunday, showed that energy insurance claim recorded the highest figure of N645.3m; followed by motor insurance, accounting for N417.7m; while N235.09m was paid under the general accident.

The sum of N186.6m was paid on fire and allied perils; N186.04m for marine insurance and N45.6m was the claim paid on engineering.

The Divisional Head, Technical, STI, Mr. Olaotan Soyinka, said the company was committed to settling all genuine claims within the agreeable periods.

“There is no compromise to claim settlement at the Sovereign Trust Insurance and that will remain so to keep our customers always coming back.

Prompt claim settlement no doubt will remain the enduring yardstick for our customers in determining whether we are delivering on our promise or not. We do not intend to fall short of this obligation and we will continually strive to make good our promise at every point in time.”

The Head of Claims Department, Funke Akitunde, stated that the company had put in place a friendly claim process which would ensure that customers were not allowed to go through undue stress in getting their claims settled.

“The processes involved from the moment a claim is reported to the period the customer receives the cheque have been made as seamless as possible,” she concluded.

The Managing Director, Mr. Wale Onaolapo, said, “Over the years, our prompt claim settlement has helped to strengthen the relationship with our customers; we do not allow them to go through distasteful experience in the process of getting their claims settled. Our processes are hinged on professionalism, speed, ethics and promptness.”

The firm has maintained the A- rating by the Global Credit Rating, an international rating agency, based in South Africa since 2007